Silver is at a pivotal technical juncture near $52.52 on Monday, up about 1.12% after touching an early Asian high of $53.31, as traders await Tuesday’s US October CPI report. The metal has spent roughly two and a half months inside a descending structure that has repeatedly capped recovery attempts, but analyst Rashad Hajiyev argues a successful breakout could open a path toward just under $70 before the end of 2026—about a 33% gain from around $51.
Hajiyev’s chart shows silver has formed a broad descending channel following its explosive run above $100 earlier this year. A steeper short-term downtrend has developed inside that larger pattern, with price now near the lower $49–$51 area. His roadmap requires silver to hold $49–$50, break descending resistance, reclaim $55, then clear the October 21 high near $58.18 and the 50-day and 100-day moving averages around $60.65–$60.99 before a move toward the $68–$70 resistance zone becomes realistic.
Monday’s bid was supported by lower oil prices and a softer dollar after President Trump said new attacks on Iran were highly unlikely while talks progress. That reduced one inflation concern. CME FedWatch showed an 81% chance of a December rate hike, up from 71%. The key risk is Tuesday’s CPI data: a hot reading could firm the dollar and lift hike odds, while a soft print may support a move toward $55. RBC Economics expects headline and core inflation of 0.3% for October, while the Cleveland Fed nowcast is 0.24% overall and 0.21% core. Because prices were not collected in October 2025 during the government shutdown, the BLS will not publish the usual 12-month rates for affected indexes.
Key levels include support at $51.05 and the 12-month low at $48.62, with resistance at $53.15–$53.31 and $55. A break below $51.05 could put $48.62 back in focus, while a sustained close above $55 would expose $59.75–$60 next. The gold-to-silver ratio stands near 78.
